EGS Recieves Additional Funding
Electromagnetic Geoservices announced that it has received additional industry pre-funding for its extensive multi-client electromagnetic scanning survey in the Barents Sea, ahead of Norway's 20th exploration licensing round.
The total program now stands at 5600 km2, or 18 blocks, but could be expanded subject to additional commitments. There are a total of 30 Barents Sea blocks currently scheduled to be in the round pending official notification by the Norwegian Petroleum Directorate.
This interest, and subsequent monetary commitment from the oil companies, is particularly welcomed ahead of the long anticipated final clarification from the NPD.
The EM scanning program will reveal valuable information related to the prospectivity of the survey areas, which will give potential bidders a competitive advantage during the licensing round, and will help to target their exploration resources more effectively following a successful bid.
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